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Username: PrettyWoman

Rating:
Guru Stars

Asked to: Dara Madee

Date Created: 05 Dec 2016
Category 28
Tag Financial
Question Please give the definition of 'Late Fee'.
Advice from Guru
Hi PrettyWoman,

A charge a consumer pays for making a required minimum payment on a credit card after the due date. Late fees encourage consumers to pay on time and are typically $25 for the first late payment and $35 for subsequent late payments. Some credit card issuers will waive the late fee the first time a consumer misses the minimum payment deadline; other credit card issuers do not charge any late fees at all, but only issue cards to consumers with very good to excellent credit — consumers who are unlikely to ever pay late. Still other cards offer no leniency and will charge a late fee even if you barely miss the payment deadline.

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